Just doing a little reading and noticed the recent Merger...

Just doing a little reading and noticed the recent Merger announcement between PMI (PMI Gold Corp) & Keegan Resource.

From what I know I think it was an extremely prudent move on the part of both companies management, with the current issues facing gold stock financing wise.
Unless you are a producer already, companies have had to dilute dilute dilute. Even PMI raised $100 million only 2 months ago. I can only guess that in that time they realised there was no way they were going to raise the other $160 million needed to get into production (without shareholders crucifying them).

Background info - PMI Keeg - 50/50 merger of equals. Resource just under 7 million ounces.
Total cash after merger will be $340 million. Just enough to build the main project with the higher grades.
Total MC - $670 million.

Just interested in others thoughts as to whether GRY would have looked at some form of corporate activity to 1) bolster cash reserves by taking over a smallish, but perhaps heavily cashed up explorer, or 2) a merger of equals like PMI/Keeg?

i.e. If AMX was sitting on $50 million plus, I would have thought it might have been worth at least considering a merger...? Of course it all comes down to management and whether they are actually able to honestly justify that whatever action is taken is the 'best' one for shareholders above all other considerations.

Who else might they have looked at?
Are there any viable candidates?

I am not saying that GRY are doing the wrong thing regarding going it alone (otherwise I would not have re-entered the stock last week), I think they have a better project than PMI (infrastructure etc), with on slightly lower grades. However the Heap Leech will be a great bolt on project.

Just hoping for some discussion so I can better understand GRY's position and future prospects.